To
The Members,
V2 Retail Limited
Your Directors are delighted to present their Report on Company’s Business
Operations along with the Audited Statement of Accounts for the Financial Year ended March
31, 2016.
FINANCIAL HIGHLIGHTS
Your Company’s financial performance for the year under review has been
encouraging. Key aspects of Financial Performance for V2 Retail Limited for the current
financial year 2015 - 16:
| PARTICULARS |
Year Ended March 31, 2016 |
Year Ended March 31, 2015 |
| Revenue from Operations (net) |
3,19,94,12,220 |
2,86,76,76,686 |
| Other Income |
2,52,48,562 |
2,51,82,463 |
| Total Income |
3,22,46,60,782 |
2,89,28,59,149 |
| Operating Expenditure(total expenditure) |
2,88,49,69,014 |
2,59,02,59,711 |
| Earnings before Interest, Tax, Depreciation and |
33,96,91,768 |
30,25,99,438 |
| Amortization (EBITDA) |
|
|
| Depreciation and Amortization Expenses |
4,40,70,371 |
2,08,78,941 |
| Finance Cost |
13,24,73,508 |
9,74,89,039 |
| Profit before Exceptional Items and Tax |
16,31,47,889 |
18,42,31,458 |
| Exceptional Items - Profit on sale of Land |
3,92,08,500 |
Nil |
| Profit before Tax (PBT) |
20,23,56,389 |
18,42,31,458 |
| Tax expense: |
|
|
| Current Year |
Nil |
Nil |
| Earlier Year |
Nil |
Nil |
| Deferred Tax |
7,98,68,301 |
8,69,18,390 |
| Profit After Tax (PAT) |
12,24,88,088 |
9,73,13,068 |
| Prior period expenses / (income) |
8,01,796 |
(1,99,832) |
| Closing Balance of P&L A/c |
12,16,86,292 |
9,75,12,900 |
| EARNING PER EQUITY SHARE (Face Value of Rs. |
|
|
| 10/- each) before extraordinary items |
|
|
| i) Basic |
3.34 |
4.31 |
| ii) Diluted |
2.40 |
3.84 |
| EARNING PER EQUITY SHARE (Face Value of Rs. |
|
|
| 10/- each) after extraordinary items |
|
|
| i) Basic |
4.93 |
4.31 |
| ii) Diluted |
3.54 |
3.84 |
FINANCIAL PERFORMANCE REVIEW
The Indian retail industry has experienced high growth over the last decade with a
noticeable shift towards organized retailing formats. During the year the company has
increased its turnover from Rs. 2,89,28,59,149 to Rs.
3,22,46,60,782 compared to previous year. The Company has significantly generates
profitsfor its stakeholders. The overall retail market continues to grow and consumer
aspiration for a better service environment still remains intact. Your company continues
to endeavor to reinstate its growth pattern in the retail industry with a chain of stores
under the ‘V2’ brand in the Retail Industry. DIVIDEND
Keeping in view of the expansion of the existing business, your directors do not
propose to declare any dividend for this year.
NAMES OF COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS SUBSIDIARIES, JOINT VENTURES
OR ASSOCIATE COMPANIES DURING THE YEAR
The Company had no subsidiary during the financial year 2015-16. There are no associate
companies within the meaning of Section 2(6) of the Companies Act, 2013 ("Act").
There has been no material change in the nature of the business of the subsidiaries.
During the year, the process of closure of Subsidiary Companies, which were not in
operation, has been initiated and the same were applied to the Registrar of Companies to
strike-off their names from its Register where VRL Movers Limited and VRL Retail Ventures
Limited have been Strike-off. Whereas VRL Infrastructure Limited is under the process of
being strike-off.
Pursuant to the provisions of section 136 of the Act, the financial statements of the
Company, financial statements along with relevant documents are available on the website
of the Company.
TRANSFER TO RESERVES
In view of the previous losses incurred in the Company no amount has been transferred
to the Reserves of the Company.
SHARE CAPITAL
The paid up Equity Share Capital of the Company as on March 31, 2016 was Rs. 24.88
Crores. Further, an allotment of Equity Shares amounting to Rs. 1,30,98,700 has been made
during the year on conversion of warrants to Mr. Akash Aggarwal being the promoter.
WARRANTS
Convertible warrant for a value of Rs. 325,000,000/- (Rupees Thirty Two Crore and
Twenty Five Lacs only) were issued to other than promoter and/or promoter group being M/s.
Bennett Coleman and Company Limited on preferential basis and allotment of the same was
made in the Board meeting held on 8th July, 2015.
TRANSFER TO INVESTOR EDUCATION & PROTECTION FUND
Pursuant to the provisions of Section 205C of the Companies Act, 1956 (Section 125 of
the Companies Act, 2013), your Company has not transferred any amount during the year
2015-16 to the Investor Education and Protection Fund.
MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE
COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH
THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT
No material changes and commitments affecting the financial position of the Company
occurred between the end of the financial year to which this financial statements relate
and the date of this Report.
CHANGE IN THE NATURE OF BUSINESS, IF ANY
There was no change in the nature of business of the Company during the financial year
ended March 31, 2016.
However, the Company is planning to broaden its operations by adding new retail stores
for strengthening existance and to reach amongst the larger consumer base to enhance its
turnover and operating revenue.
SEGMENT REPORTING
The Board wishes to inform you that Segment Reporting is not applicable to the Company.
CASH FLOW ANALYSIS
The Cash Flow Statement for the year, under reference in terms of Regulation 36 of SEBI
(LODR) Regulations, 2015 (Clause 32 of the Listing Agreement) entered by the Company with
the Stock Exchanges, is annexed with the Annual Accounts of the Company.
SUBSIDIARY COMPANY
Pursuant to Section 129(3) of the Companies Act, 2013 and Accounting Standard AS-21
issued by the Institute of Chartered Accountants of India, Financial Statements presented
by the Company does not includes the Financial Statements of its Subsidiaries as there is
no subsidiary of company as on 31st March 2016..
CONSOLIDATED FINANCIAL STATEMENTS
The Company does not have any Subsidiary Companies, hence, applicable provisions of
Companies Act, 2013 and the Accounting Standard AS-21 on Consolidated Financial Statements
do not apply on the Company.
BOARD OF DIRECTORS
The Members of the Company at the 14th Annual General Meeting held on 30th September,
2015, had approved the re-appointment of Mrs. Uma Aggarwal. In accordance with the
provisions of Section 152 of the Companies Act, 2013 and the proposed amended Articles of
Association of the Company, Smt. Uma Aggarwal, Director, retiring by rotation at the
ensuing Annual General Meeting, is eligible for re-appointment.
The brief resume of the Directors being reappointed, the nature of their expertise in
specific functional areas, names of companies in which they have held
Directorships, Committee Memberships/ Chairmanships, their shareholding etc., are
furnished in the explanatory statement to the notice of the ensuing AGM. The Board
recommends her re-appointment at the ensuing Annual General Meeting.
KEY MANAGERIAL PERSONNEL
The Key Managerial Personnel (KMP) in the Company as per Section 2(51) and 203 of the
Companies Act, 2013 are as follows:
1. Mr. Ram Chandra Agarwal: Managing Director
2. Smt. Uma Agarwal: Whole-time Director
3. Mr. Manshu Tandon: Chief Executive Officer
4. Mr. Umesh Kumar: Company Secretary & Compliance Officer*
5. Mr. Varun Kumar Singh: Chief Financial Officer
Mr. Gautam Verma was appointed as the Company Secretary and Compliance
Officer of the Company with effect from September 28, 2015. Whereas, Mr.
Gautam Verma, Company Secretary has resigned from the Company on 23rd January, 2016.
Mr. Umesh Kumar has joined the Company as Company
Secretary and Compliance officer w.e.f. 28th March, 2016.
POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION
Pursuant to the requirement under Section 134(3)(e) and Section 178(3) of the Companies
Act, 2013, the Nomination and Remuneration Policy of the Company which includes criteria
for Appointment and Re-Appointment of Director, the Remuneration payable to Managing and
Whole Time Director, the Remuneration payable to Non-Executive Directors and the
evaluation of directors is attached as ‘Annexure 1’ which forms part of this
report.
NUMBER OF MEETINGS OF THE BOARD
During the Financial Year 2015-16, 13 (Thirteen) number of Board meetings were held.
For details thereof kindly refer to the section Board Meeting and Procedures - Details of
Board Meetings held and attended by the directors during the financial year 2015-16, in
the Corporate Governance Report
PERFORMANCE EVALUATION OF THE BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS
As the ultimate responsibility for sound governance and prudential management of a
company lies with its Board, it is imperative that the Board remains continually
energized, proactive and effective. An important way to achieve this is through an
objective stock taking by the Board of its own performance.
The Companies Act, 2013, notified on April 1, 2014, not only mandates board and
director evaluation, but also requires the evaluation to be formal, regular and
transparent. Subsequently, through two circulars (dated April 17, 2014 and September 15,
2014), SEBI has also revised the Equity Listing Agreement and SEBI has brought into force
Securities And Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 to bring the requirements on this subject in line with the Act.
The Independent Directors had met separately without the presence of Non-Independent
Directors and discussed, inter-alia, the performance of non- Independent Directors and
Board as a whole and the performance of the Chairman of the Company after taking into
consideration the views of executive and Non-Executive Directors.
The Nomination and Remuneration Committee has also carried out evaluation of every
Directors performance.
The Directors expressed their satisfaction with the evaluation process. It was further
acknowledged that every individual Member and Committee of the Board contribute its best
in the overall growth of the organisation.
DIRECTORS’ RESPONSIBILITY STATEMENT
Pursuant to the provisions under Section 134(5) of the Companies Act, 2013, with
respect to Directors’ Responsibility Statement, the Directors
1. that in the preparation of the Annual Accounts for the year ended March 31, 2016,
the applicable Accounting standards have been followed and that there are no material
departures; 2. that appropriate accounting policies have been selected and applied
consistently and judgments and estimates that are reasonable and prudent have been made so
as to give a true and fair view of the state of affairs as at March 31, 2016 and of the
profit of the Company for the
Financial year ended March 31, 2016;
3. that proper and sufficient care has been taken for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 2013 for
safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities; and
4. That the annual accounts for the year ended March 31, 2016 have been prepared on a
going concern basis.
5. That they had laid down internal financial controls to be followed by the Company
and that such internal financial controls are adequate and were operating effectively; and
6. That they had devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.
DECLARATION BY INDEPENDENT DIRECTOR(S) AND RE-APPOINTMENT, IF ANY
All the Independent Directors have submitted their disclosures to the Board that they
fulfill all the requirements as stipulated in Section 149(6) of the Companies
Act, 2013 read with Clause 49 of the Listing Agreement and Regulation 17 to Regulation
27 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 so as to
qualify themselves to be appointed as Independent Directors under the provisions of the
Companies Act, 2013 read with Listing Agreement and Listing Obligations and Disclosures
Requirements.
OPERATIONS, PERFORMANCE AND FUTURE OUTLOOK OF THE COMPANY
A detailed review of operations, performance and future outlook of the Company is given
separately under the head "Management Discussion & Analysis" pursuant to
Clause 49 of the Listing Agreement and as per regulation 17 to 27 of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 is annexed and forms part of
this Annual Report.
ENERGY CONSERVATION, RESEARCH AND DEVELOPMENT TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUTGO
. Pursuant to provisions of Section 134(3)(m) of the Companies Act, 2013 read with Rule
8(3) of the Companies (Accounts) Rules, 2014 the details of activities in the nature of
Energy Conservation, Research and Development, Technology Absorption and Foreign Exchange
Earnings and Outgo is attached as ‘Annexure 2’ which forms part of this report.
PARTICULARS OF REMUNERATION OF DIRECTORS AND KMP’S
A statement containing the details of the Remuneration of Directors and KMP’s as
required under Section 197(12) of the Companies Act, 2013 read with Rule 5 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is attached
as ‘Annexure 3’ which forms part of this Report.
EXTRACT OF ANNUAL RETURN
Pursuant to the provisions of Section 134 (3) (a) of the Companies Act, 2013, an
extract of the Annual Return in Form MGT-9 is attached as ‘Annexure 4’ which
forms part of this Report.
AUDITORS AND AUDITORS’ REPORT
M/s. AKGVG & Associates, Chartered Accountants, Statutory Auditors of the Company,
retire at the conclusion of the ensuing Annual General Meeting and being eligible, offer
themselves for re-appointment. They have expressed their willingness to act as Auditors of
the Company, if appointed, and have further confirmed that the said appointment would be
in conformity with the provisions of
Section 139(2) and 142(1) of the Companies Act, 2013. The Board recommends their
appointment.
The Auditor’s haveputcertainqualifications to which the management has put forward
the following below mentioned replies;
Qualification and response to
1. As stated in these quarterly financial results, included in capital reserve
amounting toRs.60,523.24/-lacs, is Rs. 42,942/-lacs arising out of transfer of asset and
liabilities to the acquiring companies in earlier years for which necessary
reconciliations/ information to the tune of Rs 372.24/-lacs is not available with the
company. Accordingly in absence of the same, we are unable to comment on the
appropriateness of capital reserve including consequential impact, if any, arising out of
the same on these quarterly financial results.
Management Response: The Company restructured its business in F.Y 2010-11resulting a
Capital Reserve of Rs. 60,523 Lacs. The amount of Capital Reserve has been reconciled
except Rs. 372.24 Lacs for which the company is in process to reconcile and there is no
impact on Profit & Loss account.
2. As stated in these quarterly financial results, the Company has outstanding
short-term borrowings at the year-end due to a lender which include overdue principal and
interest for which necessary supporting documents for balance confirmation at the year end
and relevant information with relation to rate of interest is not available with the
Company. In the absence of the same, we are unable to comment on appropriateness of the
same.
Management Response: The Company has received a letter dated 30th June 2016 from
the Lender in respect of total outstanding amount and rate of interest.
3. As stated in these quarterly financial results, the Company has recognized Rs.
25,443/- lacs as deferred tax assets at the year-end for which it does not have virtual
certainty supported by convincing evidence that sufficient future taxable income will be
available against which such deferred tax assets can be realized in accordance with the
principles of Accounting Standard 22 "Accounting for Taxes on Income" issued by
the Institute of Chartered Accountants of India . Had the company not recognized such
deferred tax asset, impact on profit decrease in profit during the year by Rs. 25,443/-
lacs and decrease in Reserves and Surplus by Rs. 25,443/-lacs.
Management Response: During Last Financial Years the Company has started to earn
profits and it has earned profits after tax of Rs. 1,216.86 Lacs during F.Y. 2015-16 and
Rs. 975.13 Lacs during F.Y. 2014-15 resulting in reversal of Deferred Tax Assets by a sum
of Rs. 798.68 Lacs during F.Y. 2015-16 and Rs. 869.18Lacs during F.Y. 2014-15. The rest
amount will be reversed in due course of business.
4. As stated in Note 8 of these quarterly financial results, the Company has disclosed
contingent liabilities on account of appeals with various statutory authorities at
different levels amounting to Rs.4,837.86/- lacs for which necessary information is not
available with the Company to reliably ascertain estimated amount of such liabilities and
consequential impact thereof on these quarterly financial results in accordance with
Accounting Standard-29-‘Provisions, Contingent Liabilities and Contingent
Assets’ issued by the Institute of Chartered Accountants of India. Hence, we are
unable to comment on the same.
Management Response: The Contingent Liabilities of Rs. 4,796.34/- Lacs are under
appeal with different authorities at different levels. The chances of these obligations
are very remote even recently the Company has been awarded the Order in its favour by
Hon’ble CIT (Appeal), Kolkata dropping the Income Tax Demand of Rs. 11,880.71 lacs.
Impact on Profit & Loss account of contingent liabilities cannot be ascertained till
the matter is pending with different government authorities.
SECRETARIAL AUDITORS
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has
appointed M/s NSP & Associates, Company Secretaries, New Delhi to undertake the
Secretarial Audit of the Company for the FY 2015-16. The Secretarial Audit Report
submitted by them in the prescribed form MR- 3 is attached as ‘Annexure 5’ which
forms part of this report.
CORPORATE GOVERNANCE
V2 Retail Limited is ‘Your Company’ because it belongs to you – the
stakeholders.
The Chairman and Directors are ‘Your’ fiduciaries and trustees. Their
objective is to take the business forward in such a way that it maximizes ‘Your’
long-term value.
The new Companies Act, 2013 and SEBI (LODR) Regulations, 2015 have strengthened the
governance regime in the country. Your Company is in compliance with the governance
requirements provided under the new law and had proactively adopted many provisions of the
new law, ahead of time. Your Company is committed to embrace the new law in letter and
spirit. In line with the requirements of new law, your Company has constituted new Board
Committees. Your Company has in place all the statutory Committees required under the law.
Details of Board Committees along with their terms of reference, composition and meetings
of the Board and Board Committees held during the year, are provided in the Corporate
Governance Report.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
The Board informs you that provisions of Section 135 of the Companies Act, 2013 were
not applicable on the Company for the Financial Year under review.
However, the keeping in view the profit for the Financial Year 2015-16 the Board is
committed towards its social responsibility and shall follow the provisions for the
Financial Year 2016-17. The Board had constituted Committee and identifying the areas of
the Corporate Social Responsibility under the Companies Act, 2013.
INTERNAL FINANCIAL CONTROL SYSTEM
According to Section 134(5)(e) of the Companies Act, 2013 the term Internal Financial
Control (IFC) means the policies and procedures adopted by the company for ensuring the
orderly and efficient conduct of its business, including adherence to company’s
policies, the safeguarding of its assets, the prevention and detection of frauds and
errors, the accuracy and completeness of the accounting records, and the timely
preparation of reliable financial information The Company has a well placed, proper and
adequate internal financial control system which ensures that all assets are safeguarded
and protected and that the transactions are authorised, recorded and reported correctly.
Your Company has appointed M/s. Sharma G & Associates (FRN No. 027579N), Chartered
Accountant, as the Internal Auditors of the Company to conduct the Internal Audit
Functions for Financial Year 2015-16 . The Internal Auditors independently evaluate the
adequacy of internal controls and concurrently audit the majority of the transactions in
value terms.
ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TOand loss account would
have been THE FINANCIAL STATEMENTS
The Companies Act, 2013 re-emphasizes the need for an effective Internal Financial
Control system in the Company. The system should be designed and operated effectively.
Rule 8(5)(viii) of Companies (Accounts) Rules, 2014 requires the information regarding
adequacy of Internal Financial Controls with reference to the financial statements to be
disclosed in the Boards report
Your Company’s Internal Control Systems are commensurate with the nature, size and
complexity of its business and ensure proper safeguarding of assets, maintaining proper
accounting records and providing reliable financial information.
An external independent firm carries out the internal audit of the Company operations
and reports its findings to the Audit Committee on a regular basis.
Internal Audit also evaluates the functioning and quality of internal controls and
provides assurance of its adequacy and effectiveness through periodic reporting. The Audit
Committee also reviews the risk management framework periodically and ensures it is
updated and relevant.
DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT
The Board of the Company has formed a risk management policy to frame, implement and
monitor the risk management plan for the Company. The Board is responsible for reviewing
the risk management plan and ensuring its effectiveness. The audit committee has
additional oversight in the area of financial risks and controls. Major risks identifiedby
the businesses and functions are systematically addressed through mitigating actions on a
continuing basis. The development and implementation of risk management policy has been
covered in the management discussion and analysis, which forms part of this report.
PUBLIC DEPOSITS
The Company has neither accepted nor renewed any deposits during the Financial Year
2015-16 in terms of Chapter V of the Companies Act, 2013.
PERSONNEL
During the year under review, no employees, whether employed for the whole or part of
the year, was drawing remuneration exceeding the limits as laid down u/s Section 197(12)
of the Companies Act, 2013 read with Rules 5(2) and 5(3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014.
Hence the details required under Section 197(12) are not required to be given.
PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
The Company is committed to provide a protective environment at workplace for all its
women employees. To ensure that every woman employee is treated with dignity and respect
and as mandated under "The Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013" the Company has in place a formal framework for
prevention of sexual harassment of its women employees.
During the year, no allegations of sexual harassment were filed with the
Company.
DEPOSITORY SYSTEMS
As the members are aware, the Company’s shares are compulsorily tradable in
electronic form. As on March 31, 2016, 21174740 Equity Shares stand with the NSDL Account
and 3554153 Equity Shares with the CDSL and 158726 Equity Shares stands in physical form.
Your Company has established connectivity with both depositories – National
Securities Depository Limited (NSDL) and Central Depository Services (India) Limited
(CDSL). In view of the numerous advantages offered by the depository system, member
holding Shares in physical mode are requested to avail of the dematerialization facility
with either of the depositories.
Your Company has appointed M/s. Link Intime India Private Limited, a Category-I SEBI
registered R&T Agent as its Registrar and Share Transfer Agent across physical and
electronic alternative..
CHANGE IN CAPITAL STRUCTURE AND LISTING OF SHARES
The Company’s shares are listed and actively traded on the below mentioned Stock
Exchanges:-I. National Stock Exchange of India Limited (NSE) "Exchange Plaza"
C-1, Block G, Bandra-Kurla Complex, Bandra (East), Mumbai – 400051 II. BSE Limited
(BSE) Phiroze Jeejeebhoy Towers, 25th Floor, Dalal Street, Mumbai – 400001
Further, there was change in the capital structure in the Company as an allotment of
equity shares amounting to Rs. 1,30,98,700 have been made during the year.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES ACT,
2013
During the financial year ended March 31, 2016 the Company has neither made any
investments nor given any loans or guarantees or provided any security.
CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES UNDER SECTION 188(1) OF THE COMPANIES
ACT, 2013
The Company has formulated a Policy on dealing with Related Party Transactions. The
Policy is disclosed on the website of the Company.
Weblink:http://www.v2retail.com/admins/pic/2015_05_18_10_38_52_Related%20
Party%20Transaction%20Policy.pdf
All Related Party Transactions that were entered into during the financial year were on
an arm’s length basis, in the ordinary course of business and were in compliance with
the applicable provisions of the Companies Act, 2013 (‘the Act’) and the Listing
Regulations. There were nomateriallysignificantRelated Party
Transactions made by the Company during the year that would have required Shareholder
approval under the Listing Regulations.
DISCLOSURE ON VIGIL MECHANISM (Whistle Blower Policy)
Your Company has established a mechanism called ‘Vigil Mechanism (Whistle Blower
Policy)’ for directors and employees to report to the appropriate authorities of
unethical behavior, actual or suspected, fraud or violation of the Company’s code of
conduct or ethics policy and provides safeguards against victimization of employees who
avail the mechanism. The policy permits all the directors and employees to report their
concerns directly to the Chairman of the Audit Committee of the Company.
The Vigil Mechanism’, as approved by the Board, is uploaded on the Company’s
website at the web link: http://www.v2retail.com/admins/
pic/2015_05_18_10_39_12_WHISTLE%20_BLOWER%20_POLICY.pdf
DISCLOSURE ON DEPOSIT UNDER CHAPTER V
The Company has neither accepted nor renewed any deposits during the Financial Year
2015-16 in terms of Chapter V of the Companies Act, 2013.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS
IMPACTING THE GOING CONCERNS STATUS AND COMPANYS OPERATIONS IN FUTURE
The Company has not received any significant
Regulatory Authority, Court or Tribunal which shall impact the going concern status and
Companys operations in future.
INDUSTRIAL RELATIONS
The Company maintained healthy, cordial and harmonious industrial relations at all
levels. The enthusiasm and unstinting efforts of Employees have enabled the Company to
remain at the leadership position in the industry. It has taken various steps to improve
productivity across organization.
The Board also takes this opportunity to express its deep gratitude for the continued
co-operation and support received from its valued shareholders
|
On behalf of the Board of Directors |
|
V2 Retail Limited |
|
Ram Chandra Agarwal |
| Date: 31-08-2016 |
(Chairman and Managing Director) |
| Place: NewDelhi |
DIN:-00491885 |
|
B1-801, Lagoon Apartment, Ambience |
|
Island, Gurgaon- 122002, Haryana |
|